Tempo Automation Reports 39% Revenue Drop
SAN FRANCISCO, CA – Tempo Automation saw $2.8 million in revenue for the first quarter, a decrease of 39% compared to the revenue of $3.9 million in the first quarter of 2022.
The company said the decrease in revenue came in part to recent market volatility, which has caused a heightened level of caution among customers and vendors. This volatility, along with the delay in launching its new customer portal, has resulted in slower than expected sales growth, Tempo said. The company also announced the acquisition of Optimum Design Associates earlier this year, and has experienced delays in securing the necessary financing for the transaction, which has impacted the anticipated closing timeline.
On a standalone basis, Tempo now expects full year revenue to be in the range of $11 million to $13 million, and if the acquisition of Optimum is completed by June 30, the company expects full year revenue (including Optimum) to be in the range of $15.6 million to $19.6 million.
